Millennials are “financially fragile,” with Latinx and black populations faring worse than their white counterparts.

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Young Invincibles, an advocacy group committed to expanding economic opportunities for millennials (ages 18 to 34 as of 2015), published a brief Friday that found disparities in financial health among white, black, and Latinx young adults. Kelly M. Hernandez, the brief’s author, used the term “Latinx” as a gender-neutral reference to the Latino population.

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Researchers found 12 percent of Latinx and 17 percent of black millennials are “unbanked,” or do not own checking and savings accounts, versus 7 percent of white millennials.

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The largest gap between white millennials and both populations of color exists in those who do not have an emergency or rainy day fund of at least three months. Researchers found 73 percent of black and 65 percent of Latinx young adults do not have such fund, versus 54 percent of those who are white.

According to the brief, millennials also make up nearly a third of payday loan consumers, with 13 percent of black and 10 percent of Latinx Millennials using payday loans, compared to 4 percent of white millennials.

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